Section 830-RICR-10-05-2.4 - Eligible PropertiesA. An eligible project for RI C-PACE financing must be located on eligible real property and be owned by an eligible property owner. A parcel of real property is eligible for RI C-PACE financing if it meets the following criteria: 1. It is located in a city or town that has opted in to the RI statewide C-PACE program. The Bank will maintain a list of participating cities and towns on the RI C-PACE website.2. If the project to be financed and represents a retrofit to an existing building and it: a. includes a building, other than a residential building containing four or fewer units, which may include, but is not limited to an office or retail or lodging building, an industrial or agricultural building, or multifamily housing (other than for the portion of a building which has for sale housing units or "condominiums"), orb. contains an improvement or connected land that, for purposes of ad valorem taxation, is billed with a parcel meeting the requirements of (a) above. For example, if a commercial building occupies twenty-five (25%) percent of a tax parcel of property, subject to applicable zoning/density regulations; RI C-PACE financing could be used in install solar panels on the remainder of the parcel.3. If the project to be financed represents new construction, the new construction must: a. comprise the construction of a building, other than a residential building containing four or fewer units, andb. may also include upgrades to an improvement or connected land that, for purposes of ad valorem taxation, is billed with a parcel meeting the requirements of (a). The example given in 2(b) above applies here. The only difference is that the solar project would be on land connected to a new construction project.4. The property is eligible (or is eligible to be placed) on the property tax or other municipal assessment rolls of the city or town in which it is located.830 R.I. Code R. 830-RICR-10-05-2.4